Skip to main content

Dumb and Dumber

Breaking news: Tonight (Feb 14, 2019), Nancy Pelosi claimed that the problems at our southern border were a crisis created by President Trump, an illusion of his own making. She needs to retire. She's 78 and has been in Congress for 32 years. 

I generally don't write about politics, but recent events need addressing, because they affect our economic well-being. 

I've come to the conclusion that many -- or most -- politicians do not understand even the basic principles of economics. Or if they do, they don't care and have decided just to push an ideology that has nothing to do with sound economics. Some are just dishonest. 

I won't try to educate you on economics here. If you don't know, get some education. It's vitally important, both for your personal finances and who to vote for. 

Being dumb is not a partisan issue. Both Democrats and Republicans suffer from the problem. 

But I'm going to pick on Democrats right now, because some have just proven how dumb -- or dishonest -- they can be. 

For example, from presidential hopeful Kamala Harris:



What wrong with this tweet? Basically everything. First of all, and least importantly, the sample size on which she's basing her assertion is very small, coming from a tiny sliver of filings from the very beginning of tax season. More importantly, the size of someone's tax refund is not at all reflective of whether they paid more or less in taxes than the previous year. While this was reported by the MSM, Barron's has debunked it. 

Harris' lie earns Four Pinocchios from the Washington Post. It's ham-fisted garbage specifically designed to confuse people into thinking they're in worse financial shape than they are.

Then there is the New Green Deal. Anyone who supports this has to be either mentally ill, or just plain stupid. In my opinion. While liberal-slanted CNN spins it in a more positive light, and the New York Times says "The Green New Deal is What Realistic Environmental Policy Looks Like," it's really a massive increase in government size and control. 

By any measure, the resolution is preposterously extravagant. On one estimate the proposed new entitlements and public works would cost $6.6 trillion a year, which is two-thirds larger again than out $4 trillion federal budget. No one has said yet how we would pay for this, other than "taxing the rich." They don't have enough money. 

Some say the bill would be self-funding because it would stimulate the economy. Others are punting on cost-free debt. According to modern monetary theory (MMT), governments can simply create new money without causing inflation. MMT is wrong.

If these programs were passed into law, the federal government would take over our health care system (more than it is now; there would be no private insurance), our wages, our energy, our housing, and our transportation sectors. 

The United States would no longer be a free-market country, based on capitalism, a economic system which has created more prosperity than humans have ever known. 




People supporting ideas like this, or socialism in general, are either in denial or just plain ignorant. Socialism has never worked, except to create shortages and poverty. 

The number of people who do support these ideas scares the crap out of me. I am truly afraid for future generations. 

Comments

Popular posts from this blog

The Hidden Agenda Behind the Global Warming Hysteria

Climate change activists are not just interested in reducing carbon emissions in order to "save the planet." Their underlying desire is to overturn capitalism and replace it with socialist governments worldwide. 

Our story starts with the IPCC, or the Intergovernmental Panel on Climate Change, a U.N. organization. "And any settlement of the Global Warming issue by the UN would entail massive transfers of wealth from the citizens of wealthy countries to the politicians and bureaucrats of the poorer countries." (1)

In 1992, at the first U.N. Earth Climate Summit in Rio de Janeiro, Brazil, Program Executive Director Maurice Strong stated, very candidly: 

"We may get to the point where the only way of saving the world will be for industrialized civilization to collapse. Isn’t it our responsibility to bring this about?" (2)

Former U.S. Senator Timothy Wirth (D-CO), then representing the Clinton Administration as U.S. undersecretary of state for global issues, join…

IRA Taxes: Rules to Know and Understand

Article from schwab.com


Individual Retirement Accounts (IRAs) can be a great way to save for retirement because of the tax benefits they can provide. If you’re eligible, you can choose a traditional IRA for an up-front tax deduction and defer paying taxes until you take withdrawals in the future. Or, if eligible, you might opt for a Roth IRA and contribute after-tax money in exchange for tax-free distributions down the road.


So, what's the catch? There are a few. If you run afoul of some of the IRS rules surrounding these accounts, the penalties can be quite stiff—all the way up to a disqualification and taxation of your entire account.

Ignorance of the law is no excuse, and with few exceptions, the IRS isn’t very forgiving of mistakes. Knowing the rules can help you navigate the many potential IRA tax traps you might encounter on your way to retirement.

Keep in mind that when we discuss taxes and penalties, we’re referring to those at the federal level. In most states, you will also…

Critical Financial Steps When Buying a Home

In my lifetime, I have bought six houses, and sold five. I currently live in the sixth, which was new construction, which was an adventure unlike purchasing an existing home, But the principles of buying a home are the same, whether you are purchasing a new home, or an existing home.

1. Understand why you want to buy a house
Purchasing a home is a major decision that shouldn’t be taken lightly. It’s important to define your personal and financial goals before proceeding. Think about factors such as whether you’re craving more stability, whether it makes sense financially and whether you’re prepared for the responsibility of maintaining a home.

You should explore some resources on Renting vs. Buying before you make the decision. I posted a article with a couple of good videos on this subject, and bankrate.com as an informative article here
2. Dig Into Your Credit Reports and Credit Scores Your credit score and history are the first things all lenders will look at to decide whether or …